Income StatementBalance SheetCash FlowSegments
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UL Solutions Cash Flow Statement

Operating, investing, and financing cash movements

UL Solutions generated $665.0M in operating cash flow over the trailing twelve months. After $215.0M in capital expenditures, free cash flow was $450.0M. Free cash flow increased 0.5% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$665.0MNet Cash From Investing (TTM)-$215.0MNet Cash From Financing (TTM)-$455.0MCapital Expenditures (TTM)$215.0MDepreciation And Amortization Cf (TTM)$190.0MNet Change In Cash (TTM)-$77.0M
Latest FilingQ1 2026
Report Date2026-05-05
Market Cap$20.0B
P/E Ratio57.02
ROE30.58%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other non-cash income (expense)—-$6.0M-$5.0M-$7.0M—-$4.0M
Change in Pension and Postretirement Obligations-$1.0M-$3.0M-$2.0M-$28.0M-$2.0M-$1.0M
Change in pension and postretirement obligations-$1.0M-$3.0M-$2.0M-$28.0M-$2.0M-$1.0M
Other non-cash income (expense)—-$6.0M-$5.0M-$7.0M—-$4.0M
Change in accounts payable$32.0M-$23.0M-$4.0M——-$2.0M
Change in accounts receivable$35.0M$81.0M—-$30.0M$36.0M$87.0M
Change in accrued liabilities$34.0M-$89.0M$51.0M$46.0M$72.0M-$93.0M
Other working capital changes—-$6.0M-$5.0M-$7.0M—-$4.0M
Benefit from Receivables$2.3M$2.8M$2.8M$2.8M$2.8M—
Deferred income taxes—$1.0M—$4.0M—$0.0
Depreciation and amortization$47.0M$45.0M$46.0M$46.0M$51.0M$47.0M
Other Non-Cash Income (Expense)—-$6.0M-$5.0M-$7.0M—-$4.0M
Other Non-cash Income (Expense)—-$6.0M-$5.0M-$7.0M—-$4.0M
Other Non-cash Income (Expense)—-$6.0M-$5.0M-$7.0M—-$4.0M
Foreign Currency Transaction Gain (Loss)-$6.0M-$3.0M-$2.0M-$2.0M-$3.0M-$1.0M
Net cash from operating activities$130.0M$154.0M$147.0M$155.0M$144.0M$219.0M
Net income$85.0M$71.0M$97.0M$106.0M$71.0M$97.0M
Other non-cash income (expense)—-$6.0M-$5.0M-$7.0M—-$4.0M
Foreign currency remeasurement (loss) gain on debt-$6.0M-$3.0M-$2.0M-$2.0M-$3.0M-$1.0M
Increase (Decrease) in Contract with Customer Asset and Other Assets-$39.0M$25.0M$23.0M$14.0M—$16.0M
Contract and other liabilities-$97.0M$241.0M———$257.0M
Pension and other postretirement plans-$1.0M-$3.0M-$2.0M-$28.0M-$2.0M-$1.0M
Other Noncash Income (Expense)—-$6.0M-$5.0M-$7.0M—-$4.0M
Accounts Receivable, Credit Loss Expense (Reversal)$2.3M$2.8M$2.8M$2.8M$2.8M—
Other Non-cash Income and Expense—-$6.0M-$5.0M-$7.0M—-$4.0M
Pension and postretirement benefit expense-$1.0M-$3.0M-$2.0M-$28.0M-$2.0M-$1.0M
Other Non-Cash Adjustments—-$6.0M-$5.0M-$7.0M—-$4.0M
Other Non-Cash Income and Expense—-$6.0M-$5.0M-$7.0M—-$4.0M
Provision for credit losses$2.3M$2.8M$2.8M$2.8M$2.8M—
Stock-based compensation$7.0M$8.0M$13.0M$15.0M$11.0M$12.0M
Change in Pension and Postretirement Obligations-$1.0M-$3.0M-$2.0M-$28.0M-$2.0M-$1.0M
Change in pension and postretirement obligations-$1.0M-$3.0M-$2.0M-$28.0M-$2.0M-$1.0M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures incurred but not yet paid$15.0M$26.0M$0.0$10.0M$21.0M$41.0M
Income taxes paid$10.0M$16.0M$24.0M$29.0M$23.0M$19.0M
Interest paid$18.0M$7.0M$15.0M$4.0M$14.0M$3.0M
Capital expenditures incurred but not yet paid$15.0M$26.0M$0.0$10.0M$21.0M$41.0M
Capital Expenditures Incurred but Not Yet Paid$15.0M$26.0M$0.0$10.0M$21.0M$41.0M
Income Taxes Paid, Net$10.0M$16.0M$24.0M$29.0M$23.0M$19.0M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$58.0M$51.0M$42.0M$46.0M$58.0M$69.0M
Payment for (Proceeds from) Other Investing Activity$0.0$1.0M———$0.0
Proceeds from disposition of marketable securities and other investments$0.0$0.0$1.0M$14.0M$36.0M$8.0M
Net cash from investing activities-$59.0M-$50.0M-$57.0M-$76.0M-$21.0M-$61.0M
Other investing activities$0.0$1.0M———$0.0
Proceeds from maturities/sales of investments$0.0$0.0$1.0M$14.0M$36.0M$8.0M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt$73.0M$62.0M$88.0M$134.0M$508.0M$187.0M
Repayments of debt$128.0M$152.0M$133.0M$199.0M$561.0M$321.0M
Distributions to noncontrolling interests—$17.0M———$20.0M
Dividends paid$25.0M$26.0M$26.0M$26.0M$26.0M$29.0M
Other, net-$2.0M-$2.0M-$2.0M-$1.0M-$2.0M-$2.0M
Payment of Deferred Purchase Consideration-$2.0M-$2.0M-$2.0M-$1.0M-$2.0M-$2.0M
Noncontrolling interest transactions and other-$2.0M-$2.0M-$2.0M-$1.0M-$2.0M-$2.0M
Net cash from financing activities-$82.0M-$135.0M-$86.0M-$93.0M-$82.0M-$194.0M
Other financing activities-$2.0M-$2.0M-$2.0M-$1.0M-$2.0M-$2.0M
Noncontrolling Interests Activity and Other-$2.0M-$2.0M-$2.0M-$1.0M-$2.0M-$2.0M
Taxes paid for net share settlement$0.0$0.0$13.0M$1.0M$1.0M$9.0M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$72.0M$103.0M$105.0M$109.0M$86.0M$150.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$18.0M$0.0$1.0M-$3.0M-$1.0M-$1.0M
Net increase (decrease) in cash-$29.0M-$31.0M—-$17.0M—-$37.0M
Accrued payables for capital expenditures$15.0M$26.0M$0.0$10.0M$21.0M$41.0M